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Managing brands or products in today's extremely competitive and ever-changing pharma market is a major challenge and success depends heavily on having accurate and timely market intelligence and consumer insight.
Today, it has become a necessity to not only monitor the performance of your product versus the competition, but also to understand how and why your customers make the choices that they make. This paradigm shift in the market scenario has triggered the need for additional sources, which can not only provide insights into the customer's prescribing patterns, but can also offer the insight to manage, analyze and implement key strategic and tactical business plans. It has become imperative for product managers to gain insights beyond the conventional parameters for planning and implementing a brand management strategy, which can make their product's lifecycle profitable.
marketRx's strategic market research services enable product management to not only launch new products but also track and manage product performance across multiple facets all it's lifecycle. Our services deliver timely, reliable results with comprehensive analyses and recommendations, thereby enabling you to improve your segmentation, targeting and impact of promotions based on sophisticated analysis across all channels and at all stages of your product lifecycle.
With our in-depth domain expertise and technology strengths, we can help you tackle product management challenges effectively and execute winning marketing strategies based on your brand objectives and upcoming market events. Make your product’s lifecycle profitable by leveraging our strategic market research services to
- Understand the target market structure accurately
- Evaluate the impact of various promotional messages and channels regularly
- Obtain feedback on the new tactical and strategic moves
- Track and evaluate competitor's product & promotion launches
- Monitor and analyze the impact of various market events on your product performance
- Design segmentation and positioning strategies based on physician's attitudes and behavior instead of assumptions
- Implement general tracking of sales force and message effectiveness
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Case Study Example: Physician profiling for better targeting and segmentation
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| Objectives |
The client wanted to explore business opportunities in other countries for one of their existing products. In the target countries the key challenges faced by them was:
- Lack of structured data
- Inconsistent customer valuation
- Complex selling environment & relationships
- Resolving field input and customer info inconsistencies
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| Our approach |
marketRx's qualified team started by conducting a fully integrated behavioral plus attitudinal profiling of doctors across geographies
For each key country, conducted a "Sales Excellence Workshop" to assess current practices and make recommendations to improve segmentation, physician valuation, targeting and call planning
Created an effective yet simple solution customized to the needs of each country
Developed a roadmap / plan of action for creation of a systematic & comprehensive targeting system
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| Key Outcomes |
Comprehensive profiling of all physicians in the target universe enabled the country teams to redefine significant numbers of new and reclassified target physicians for critical products
Systematic assessment of each physician on a broader set of characteristics (usage, potential, influence, etc.) enabled re-shuffling of priorities, creating greater focus on higher opportunity physicians
Basic principles of segmentation held in each country but were customized to the needs of the specific market to be successful
Structured call activity targets identified territories where reach, frequency and rep activity can be examined more deeply to maximize resource allocation | |
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